Bridging Loans
Let us remove the stress
Found your new home but haven’t sold your old one yet? You could consider a bridging loan. This is a short term loan (usually up to 12 months) that is paid out when your existing property is sold.
There are two types of bridging loans:
- Closed bridging loans – used if you already have a Contract of Sale on your current property and know the date when your home will be sold and the funds received. You’ll pay down the loan plus any accrued interest and fees on this date.
- Open bridging loans –this is used if your current home hasn’t been sold yet. An open bridging loan can be arranged for up to 12 months.
Establishing a bridging loan can be tricky, let us work with you to get a bridging loan at a competitive rate that suits your circumstances.